3258 - 32 BAN - $100,000 Operating expenses

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3258 By Mr. Hurd An ordinance providing for the borrowing of money in the sum of ONE HUI~D~ THOUSAt~D DOT.T~RS, ~$100,000.0~), and the issuance l~y the City of ~ewood.~ of ~ note therefor in mnticipation of the collection of current reveries in m~ for the fiscal year 19~2 and declari~ the necessity of ~e issu~ce of said note for such p~poses and declari~ an emergency, ~as, ~t is necessa~ i~ antici~ation of the collection of current ~venues in ~d for the fis~l ye~ 1~ for t~ City Of ~e- wood to borr~ money and issue ~ note therefor In t~ s~ of O~ H~- D~'~ THOUS~ ~rm.~,($100,000.00), te ~y t~ ~perati~ expenses of ~e various de~rtments of said mnicip~lity~ ~ W~rease an emergen~ ~lsts to provide ~aid f~ds without del~ for the ~ediate p~se~atio~ of the public property, heai~ ~d s~e- ~, ~d to provide for the usual ~afly ope~tion of said municip~ de- p~entse ~f00D,0HI0, two-thins of ~11 members concurri~, Section I. T~t in antici~tion of the collection off c~rent r~ venues in and for the fis~l ye~ 15~2 t~a council hereby declares it neeess~ ~o Borro~ mo~ and issue a note therefor in the s~ of ~ ~ THOUSA~ ~.F~S,($100,000.00~, which ~ount does no~ exceed one ~f ~f t~ ~o~t e~ti~ted to Be received from t~ mext ensui~ ~- ~u~ instalment ef t~es for such fiscal year as esti~ted by t~ Budget Co,lesion, other t~n ~axes to ~e r~ceived fer the p~yment ~f debt c~rges ~nd ~1 adva~es. ~e s~ so ~nticipated shall be dee~ appropriated for the paint ef such note at m~t~ity. The note s~ll not ~n for a lo~er period t~n six months and the proceeds therefrom shall be used on~ for the p~poses for which s~id t~es were levied, collected ~d ~ppropriate~. Section 2. T~t such note in t~ ~ount of 0~ H~ TH0~S~ DOL~S,($1O0,000.00), s~lI ~e issued bearing interest at the rate of ..~. ~r cent~ per ~n~, p~able at ~turity. Staid note s~ll ~e ~ted the ~ ~y of ~-~,.., 1932, and sh~ll ~ture on or before six months from date of note.